MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
HEALTHCAPS INDIA LIMITED |
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Formerly Known As : |
CAPSUGEL INDIA LIMITED |
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Registered Office : |
H – 2, 3rd Floor, C – Block, Community Centre, Naraina
Vihar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.12.1982 |
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Com. Reg. No.: |
55-14789 |
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CIN No.: [Company
Identification No.] |
L74899DL1982PLC014789 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDC00783G |
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PAN No.: [Permanent
Account No.] |
AAACC5021C |
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Legal Form : |
Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of
Empty Hard Gelatine Capsules |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
H – 2, 3rd Floor, C – Block, Community Centre, Naraina
Vihar, |
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Tel. No.: |
91-11-25779661 / 25771526 |
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E-Mail : |
heakthcaps@hotmail.com |
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Administrative Office : |
Sco. 1134-35, First Floor, Sector 22-B, |
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Tel. No.: |
91-172-2706696 / 2708115 |
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Mobile No.: |
91-9417213636 |
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Fax No.: |
91-1881-273304 |
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Sales Office : |
Kanara Business Centre, Laxmi Nagar, Ghatkopar (E), Mumbai, |
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Tel No.: |
91-22-55995416 |
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Fax No. ; |
91-22-55995417 |
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Email : |
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Factory : |
Fatehpur, P.O. Majra Jattan, Tehsil : Balachaur, District :
Nawanshahr, |
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Tel No.: |
91-1881-273637 / 2736641 / 273303 |
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Fax No.: |
91-1881-273304 |
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Email : |
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Website : |
DIRECTORS
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Name : |
Mr. A K Mahajan |
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Designation : |
Chairman cum Managing Director |
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Address : |
House No. 807, Sector 38, |
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Date of Birth/Age : |
07.05.1957 (46 Years) |
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Qualification : |
B.E. |
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Experience : |
20 Years |
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Date of Appointment : |
14.12.1993 |
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Name : |
Mr. Chiranjiv Singh |
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Designation : |
Managing Director |
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Address : |
II 53, Sector 36, |
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Date of Birth/Age : |
25.08.1951 (55 Years) |
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Qualification : |
B.E. Electrical |
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Experience : |
25 Years |
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Date of Appointment : |
01.04.1983 |
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Name : |
Ms. Hariti Singh |
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Designation : |
Director |
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Address : |
II 53, Sector 36, |
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Date of Birth/Age : |
24.04.1955 (52 Years) |
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Qualification : |
BA |
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Experience : |
25 Years |
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Date of Appointment : |
05.01.1997 |
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Name : |
Mr. Yogesh Guel |
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Designation : |
Director |
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Address : |
House No. 863, Sector 2, Panchkula, Harayana |
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Date of Birth/Age : |
08.06.1960 (45 Years) |
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Qualification : |
B.E. |
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Experience : |
20 Years |
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Date of Appointment : |
27.01.2003 |
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Name : |
Mr. Jagatjit Singh |
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Designation : |
Director |
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Address : |
House No. 2548, Sector 47, |
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Date of Birth/Age : |
27.12.1965 |
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Date of Appointment : |
27.01.2003 |
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Name : |
Mr. I |
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Designation : |
Director |
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Address : |
House No 1017, Sector 27, |
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Date of Birth/Age : |
22.12.1940 |
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Date of Appointment : |
22.03.2003 |
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Name : |
Mr. Gurcharan Singh |
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Designation : |
Director |
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Address : |
House No 113, Phase 3 B, Mohali, |
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Date of Birth/Age : |
01.01.1936 (70 Years) |
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Qualification: |
B.E. |
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Experience : |
40 Years |
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Date of Appointment : |
08.02.2000 |
SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Public financial companies |
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20.00 % |
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Directors or relatives of directors |
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55.00 % |
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Other top fifty shareholders |
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25.00 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Empty Hard Gelatine Capsules |
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Products : |
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Exporter To : |
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Products : |
All Products |
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Country : |
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Terms : |
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Selling : |
Credit ( 9 days) |
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Purchasing : |
L/C, Credit ( 90 days) |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Empty Hard Gelatine Capsules |
QTY |
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31567 |
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GENERAL INFORMATION
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Customer : |
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No. of Employees : |
250 (In Office 50, In Factory 200) |
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Bankers : |
State Bank of Specialised Commercial Branch Sco : 103-106, Sector 17 B, Punjab National Bank |
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Facilities : |
Cash / Credit, Over Draft & L/C Limit, State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V K Chadha and Company Chartered Accountants |
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Address : |
F – II, South Extension part – II, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,037,190 |
Equity Shares |
Rs. 10/- each |
Rs. 40.372
Millions |
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Less Calls in Arrears |
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Rs. 0.095
Millions |
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Rs. 40.277 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.277 |
40.277 |
40.277 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.879 |
46.966 |
35.046 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
86.156 |
87.243 |
75.323 |
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LOAN FUNDS |
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1] Secured Loans |
76.523 |
51.145 |
56.721 |
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2] Unsecured Loans |
3.365 |
4.214 |
1.875 |
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TOTAL BORROWING |
79.888 |
55.359 |
58.596 |
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DEFERRED TAX LIABILITIES |
17.152 |
2.823 |
3.867 |
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TOTAL |
183.196 |
145.425 |
137.786 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
138.146 |
105.243 |
102.750 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.396 |
9.997
|
14.527 |
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Sundry Debtors |
48.645 |
42.309
|
31.338 |
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Cash & Bank Balances |
5.369 |
3.463
|
2.596 |
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Other Current Assets |
6.597 |
0.042
|
0.018 |
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Loans & Advances |
0.000 |
2.984
|
3.456 |
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Total
Current Assets |
75.007
|
58.795
|
51.935 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.129 |
18.814
|
17.129 |
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Provisions |
0.000 |
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Total
Current Liabilities |
30.129
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18.814
|
17.129 |
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Net Current Assets |
44.878
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39.981
|
34.806 |
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MISCELLANEOUS EXPENSES |
0.172 |
0.201 |
0.230 |
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TOTAL |
183.196 |
145.425 |
137.786 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
168.175 |
158.609 |
130.381 |
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Other Income |
0.426 |
0.938 |
1.198 |
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Total Income |
168.601 |
159.547 |
131.579 |
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Profit/(Loss) Before Tax |
14.855 |
13.189 |
16.451 |
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Provision for Taxation |
0.351 |
1.270 |
6.030 |
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Profit/(Loss) After Tax |
14.504 |
11.919 |
10.421 |
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Earnings in Foreign Currency : |
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Export Earnings |
13.900 |
15.261 |
13.278 |
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Total Earnings |
13.900 |
15.261 |
13.278 |
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Expenditures : |
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Capital Goods |
1.646 |
1.206 |
0.000 |
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Administrative Expenses |
12.797 |
10.802 |
0.000 |
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Selling Expenses |
132.273 |
115.168 |
0.000 |
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Raw Material Consumed |
0.000 |
0.000 |
42.390 |
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Consumption of stores and spares parts |
0.000 |
0.000 |
4.904 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
[6.302] |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
13.238 |
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Managerial Remuneration |
0.000 |
0.000 |
1.253 |
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Payment to Auditors |
0.000 |
0.000 |
0.106 |
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Interest |
9.464 |
6.394 |
3.314 |
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Insurance Expenses |
0.000 |
0.000 |
0.543 |
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Power & Fuel |
0.000 |
0.000 |
13.141 |
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Depreciation & Amortization |
8.394 |
7.061 |
6.254 |
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Other Expenditure |
0.000 |
0.000 |
36.287 |
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Total Expenditure |
164.574 |
140.631 |
115.128 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.60 |
7.47
|
7.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.83 |
8.32
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12.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.96 |
8.04
|
10.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.15
|
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.27 |
0.85
|
1.01 |
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Current Ratio (Current Asset/Current Liability) |
|
2.48 |
3.13
|
3.03 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Ø
Ø
Land
Ø
Plant and Machinery
Ø
Furniture and Fixture
Ø
Office Equipments
Ø
Electrical Fittings
Ø
Laboratory Equipments
Ø
Workshop Equipments
Ø
Vehicles
Bankers Charges Report
as per Registry
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Name of the company |
CAPSUGEL INDIA
LIMITED |
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Presented By |
Mr. Chiranjiv
Singh, Managing Director |
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1) Date and description of instrument creating the change |
03.05.1994, Cash
Credit [Bill Discount] agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.950
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Against Drafts /
Bill of Exchange whatever may be tenure thereof drawn accepted or endorsed by
the company with or without documents.
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4) Gist of the terms and conditions and extent and operation of the charge. |
Second charge on
fixed assets. Rate of interest is
5 % p.a. below minimum landing Repayable on
demand Margin 15 % |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Ropar, |
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6) Date and brief description of instrument modifying the charge |
Nil |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Nil |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10000452 |
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Corporate
identity number of the company |
L74899DL1982PLC014789 |
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Name of the
company |
CAPSUGEL INDIA LIMITED |
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Address of the
registered office or of the principal place of business in |
H – 2, 3rd Floor, C – Block, Community Centre, Naraina
Vihar, |
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Type of charge |
Immovable
property Book Debts Movable
Property |
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Particular of
charge holder |
State Bank of Specialised Commercial Branch Sco : 103-106, Sector 17 B, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Hyp.
Of goods and assets dated 02.02.2006; Letter regarding the grant of
Individual limits with in Overall Limit dated 02.02.2006 regd. With ROC on
16.04.2006 for credit facilities of Rs. 57.500 Millions; Modified on
16.06.2006; Regd with ROC on 17.08.2006; Credit facilities increased from RS.
57.500 Millions to Rs. 89.500 Millions. Now modified Supp. Ag. of Hyp. Of
Goods and assets for increase in the overall limit and letter regarding the
grant of individual limits with in overall limit |
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Date of
instrument Creating the charge |
08.03.2007 |
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Amount secured by
the charge |
Rs. 101.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit Hyp :
2 % above SBAR at present 14.25 % with monthly rest Term Loan – I
& II Existing : 1.25 % above SBAR Term Loan III
1.25 %5 above SBAR Term Loan
Computer : 1.25 % above SBAR |
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Short particulars
of the property charged |
First charge over
the assets being created out of the finance and hypothecation of Plant and
Machinery and other Misc. assets as primary security and first charge over
the existing movables and immovable assets of the company present and future in favour of Bank and the charge to
be extended over the security already charged in favour of Bank in respect of
respect of existing facilities as collateral security and the total charge
has been increased from Rs. 89.500 Millions to Rs. 101 Millions |
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Date of latest
modification prior to the present modification |
16.06.2006 |
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Particulars of
the present modification |
Supplemental
agreement of Hyp. Of Goods and assets for increase in the overall limits and
letter regarding the grant of individual limits with in overall limit dated
08.03.2007 Credit facilities increased from Rs. 89.500 Millions to Rs. 101 Millions other terms and conditions remain the same. |
CIL, at present, has got a capacity to manufacture 2500 million pieces per annum of High Quality Empty Hard Gelatine Capsules. Presently the capsules in size 0, size 1 and size 2 are being manufactured as per the standards of Indian Pharmacopoeia in all types of colors and shades as per customer requirements. CIL also produces size 0 elongated (0el) as per the requirement of customers. CIL is presently operating 8 machines to achieve the above stated capacity.
Web Details Attached :
Note :
Capsugel
India Ltd is now Healthcaps India Ltd.
The Company
was incorporated
in 1983 to cater to the ever increasing demand of the pharmaceutical industry
for hi- quality empty hard gelatin capsules. With the objective of creating an
environmental, eco friendly and a state of the art manufacturing facility with
stringent quality control checks in place we chose the open spaces of Fatehpur
in the neighbouring Punjab state 60 Kms from
Ever
since commencement of operations in 1985 The company has continued to produce
and deliver the highest quality of empty hard gelatin capsules to major
pharmaceutical clients in India and abroad. Their technical know how and critical machinery
have been imported from the Cherry Burrell Corporation known as Evergreen
Packaging U.S.A. Over the years Healthcaps
India has maintained its hi-quality in its manufacturing
processes and has now emerged as a trusted name in the domestic and global
pharmaceutical industry .
About Company
In
the early eighties Chiranjiv Singh a young entrepreneur took an in-depth look
at the future of the easy to administer drug possibilities in the rapidly
growing pharmaceutical industry in
At
its state of the art manufacturing facility a well qualified and dedicated work
force ensures timely delivery after meticulous quality control checks of the
finished product. Their office personnel
along with their associates and network offices keep in constant touch with the
latest developments and changes occurring in gelatine capsule manufacturing
techniques and research. Their marketing
offices in
Trusted
Clients
Healthcaps
M/S. Cipla Ltd.
M/S. Jagsonpal Pharmaceuticals Ltd.
M/S. UPDPL
M/S. Alkem Ltd.
M/S. Lupin Laboratories Ltd.
M/S. Indichemi Ltd.
M/S. Mission Pharmaceuticals Ltd
M/S. U.S Vitamin Ltd
M/s. Wockhardt Ltd
M/s. Dabur India Ltd
M/s. Ajanta Pharma Ltd
M/s. Aristo Pharmaceuticals Ltd -
M/s. Maxheal Pharmaceuticals Ltd
M/s. Akums Ltd.
Today, their
exports to the
FUTURE PLANS
As
the global pharmaceutical industry continues its rapid growth, Healthcaps
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.63 |
|
|
1 |
Rs.82.42 |
|
Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|